Transforming the Treasure Coast into the Research Coast

@anews drop cap:Six years ago the Treasure Coast relied on tourism and agriculture to keep the economic fires burning. Today the three-county area has become the home of numerous biotechnology companies — with more to come — and is poised to add hundreds of jobs and at least $3 billion to the economy over the next 20 years.

“Biotech is gaining momentum here, and this area could soon be a renowned cluster like that in North Carolina’s Research Triangle and San Diego,” said Andy Favata, vice president of Mann Research Center in Port St. Lucie.

He noted that in five short years, four biotech companies moved into just one research park, Tradition Center for Innovation (TCI) in Port St. Lucie, where Mann Research Center is located, with others settling in the area or seriously considering doing so. In contrast, he explained, it took 23 years for the biotech market in San Diego to have a significant base of companies.

Several factors contributed to this astonishing cultural and economic transformation. In 2004 the Treasure Coast Economic Development Coalition, representing Indian River, St. Lucie, Martin and Okeechobee Counties, decided to re-brand the area and make a major effort to attract scientific organizations, following a commitment made by the Scripps Research Institute to locate in Palm Beach County.

“We didn’t want to rely on just one or two industries,” said Helene Caseltine, chairman of the coalition, which has since re-named itself Florida’s Research Coast Economic Development Coalition. “We wanted to be more well-balanced in case one industry should falter.”

A consulting firm helping with the re-branding pointed out facetiously that that name Treasure Coast was good for attracting pirate ships but not scientists. Out of that discussion came the idea to call the area the Research Coast a designation used ever since by those involved in economic development efforts courting scientific suitors.

One major reason research companies began coming to the Research Coast was the potential for enticing financial incentives. As governor, Jeb Bush hoped to help diversify Florida industry by attracting high-tech companies. He encouraged the legislature to make available large incentives to technology and science companies, Favata explained.

Torrey Pines Institute for Molecular Studies and the Vaccine and Gene Therapy Institute of Florida (VGTI) took advantage of that funding source, along with other incentives. VGTI’s incentive package totaled $60 million when it decided to make its home at TCI, according to Mel Rothberg, VGTI’s chief operating officer.

Local governments provided additional support in the form of tax breaks, cash incentives and land, added Caseltine, knowing that the bump these new companies would create in employment, the economy and the tax base would be more than offset in the long term.

For example, when VGTI built out its 100,000 square feet of space, currently housing 75 new employees, they primarily used local contractors and construction personnel — at a time when construction activity on the Treasure Coast was almost non-existent.

Another reason for the rapid growth of the cluster was the enthusiasm and support of local residents and governments. “The people in the community couldn’t do enough to help us achieve our goals, and that was a key factor in our decision to come here,” explained Rothberg.

Local governments made an effort to streamline the red tape facing a new company, such as expediting permits, site building reviews and inspections.

“Treasure Coast counties really understand the impact on the economy and quality of life,” added Dr. Margaret Leinen, Executive Director of Harbor Branch Oceanographic Institute in Ft. Pierce. “Turning this into the Research Coast was really amazing. There aren’t a lot of places willing to make this kind of vibrant investment in creating a research community.”

And with a solid base here now of biotechnology companies, it’s only natural more will come because, Dr. Leinen pointed out, having a community of scientists with different points of view — and access to different funding sources and equipment makes it “more fun” and provides numerous opportunities to cooperate in projects and to learn from one another.

Caseltine concurs: “Bioscience firms like to cluster around each other — even share staff sometimes.”

Having bioscience firms in the area will almost certainly result in many support and spin-off businesses such as manufacturing or marketing companies and companies needed to conduct clinical trials of new medications.

Martin Health System, which will be opening a new hospital in the Tradition Center for Innovation in 2014, will provide additional synergies within the research community as patients may participate in clinical trials offered by the neighboring research institutes, according to Favata. Martin Health System’s nearby Martin Memorial Hospital in Stuart already partners with the Tampa-based H. Lee Moffitt Cancer Center for genetic screening, clinical trials and the use of new research protocols.

“The scientific research that’s going to be done here can lead to great achievements in healthcare and science,” said Rothberg. “We’re at the beginning stages of a unique opportunity that is rarely available to a community. We are at the beginning of something very significant and important.” n